(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Years Ended December 31,
2000 1999 1998
REVENUES
Restaurant sales $1,888,322 $1,632,720 $1,392,587
Other revenues 17,684 13,293 10,024
TOTAL REVENUES 1,906,006 1,646,013 1,402,611
COSTS AND EXPENSES
Cost of sales 715,224 620,249 543,770
Labor and other related 450,879 387,006 327,261
Other operating 358,514 299,829 259,757
Depreciation and amortization 58,109 50,709 40,771
General and administrative 75,410 61,173 51,859
Provision for impaired assets and restaurant closings 5,493
Income from operations of unconsolidated affiliates (2,457) (1,089) (514)
1,655,679 1,423,370 1,222,904
INCOME FROM OPERATIONS 250,327 222,643 179,707
OTHER INCOME (EXPENSE), NET (2,058) (3,042) (1,870)
INTEREST INCOME (EXPENSE) 4,617 1,416 (1,357)
INCOME BEFORE ELIMINATION OF MINORITY PARTNERS' INTEREST
AND PROVISION FOR INCOME TAXES 252,886 221,017 176,480
ELIMINATION OF MINORITY PARTNERS' INTEREST 33,884 29,770 21,914
INCOME BEFORE PROVISION FOR INCOME TAXES 219,002 191,247 154,566
PROVISION FOR INCOME TAXES 77,872 66,924 53,638
INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE 141,130 124,323 100,928
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAXES) (4,880)
NET INCOME $ 141,130 $ 124,323 $ 96,048
BASIC EARNINGS PER SHARE
Income before cumulative effect of a change
in accounting principle $ 1.82 $ 1.61 $ 1.33
Cumulative effect of change in accounting
principle (net of income taxes) (0.06)
Net income $ 1.82 $ 1.61 $ 1.27
Basic weighted average number of common
shares outstanding 77,470 77,089 75,702
DILUTED EARNINGS PER COMMON SHARE
Income before cumulative effect of a change
in accounting principle $ 1.78 $ 1.57 $ 1.30
Cumulative effect of change in accounting
principle (net of income taxes) (0.06)
Net income $ 1.78 $ 1.57 $ 1.24
Diluted weighted average number of common
shares outstanding 79,232 79,197 77,484
PRO FORMA (unaudited) (See Notes 8 and 17):
PRO FORMA PROVISION FOR INCOME TAXES $ 68,849 $ 55,003
PRO FORMA INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE 122,398 99,563
CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE
(NET OF INCOME TAXES) (4,880)
PRO FORMA NET INCOME $ 122,398 $ 94,683
PRO FORMA BASIC EARNINGS PER SHARE
Pro forma income before cumulative effect of a change
in accounting principle $ 1.59 $ 1.31
Cumulative effect of change
in accounting principle (net of income taxes) (0.06)
Pro forma net income $ 1.59 $ 1.25
PRO FORMA DILUTED EARNINGS PER COMMON SHARE
Pro forma income before cumulative effect of a change
in accounting principle $ 1.55 $ 1.28
Cumulative effect of change
in accounting principle (net of income taxes) (0.06)
Pro forma net income $ 1.55 $ 1.22
The accompanying notes are an integral part of these Consolidated Financial
Statements.
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